Our Loan Processor job description includes the responsibilities, duties, skills, education, qualifications, and experience.
About the Loan Processor role
A Loan Processor is responsible for verifying and processing loan applications before they are sent to a lender for approval. They review and verify loan documents, such as bank statements, pay stubs, credit reports, and other financial documents. They also calculate loan eligibility, assess creditworthiness, and answer questions from borrowers and lenders.
Role Purpose
The purpose of a Loan Processor is to review and assess loan applications and supporting documents to ensure accuracy and compliance with applicable regulations and guidelines. The Loan Processor is responsible for verifying that the information provided by the applicant is complete and accurate, collecting the necessary documents for underwriting, and submitting the loan for approval. The Loan Processor must also stay up to date on the changing regulations, guidelines, and policies related to loan applications and processing.
Loan Processor Summary
Loan Processor Job Summary
The Loan Processor is responsible for obtaining and verifying the necessary documentation from customers to complete loan applications. The Processor will review loan applications, determine eligibility and complete the necessary paperwork. The Processor will also ensure that all documentation is accurate and in compliance with state and federal regulations. The Loan Processor will also be responsible for communicating with customers, lenders, and other internal and external stakeholders to ensure a successful and timely loan processing experience. Success in this role requires strong organizational and communication skills, attention to detail, and the ability to work independently to meet deadlines.
Loan Processor Duties
- Review loan applications to determine eligibility
- Analyze credit histories, income and other financial data
- Verify accuracy of loan documents
- Provide customer service to loan applicants
- Communicate with loan applicants, lenders and other related parties
- Keep records of loan status and progress
Loan Processor Skills
- Analysis of financial documents
- Knowledge of lending and credit policies
- Proficiency in MS Office applications
- Knowledge of bank regulations
Loan Processor Requirements
- Bachelor's degree in business or related field
- Excellent organizational and time management skills
- Strong communication and customer service skills
- Knowledge of loan processing and procedures
- Proficient in Microsoft Office Suite
Personal Traits
- Strong attention to detail
- Organizational skills
- Excellent communication skills
- Ability to work under pressure
- Proficiency with computers